MIRA
INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THE KERALA MINERALS AND METALS LIMITED |
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Registered Office : |
Titanium Dioxide, Pigmant Plant, Sankaramangalam, Chavara
P. O. - 691 583, |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.02.1972 |
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Com. Reg. No.: |
09-2399 |
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CIN No.: [Company
Identification No.] |
U14109KL1972SGC002399 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
TVDT00668D |
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PAN No.: [Permanent
Account No.] |
AAACT8118R |
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Legal Form : |
A Closely Held Public Limited Liability Company, Owned by
the Kerala State Government. |
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Line of Business : |
Manufacturing of Titanium Dioxide, Ilmenite, Rutile and
Zircon. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 21000000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Titanium Dioxide, Pigmant Plant, Sankaramangalam, Chavara
P. O. - 691 583, |
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Tel. No.: |
91-476-2686722 to 2686733 (12 Lines) |
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Fax No.: |
91-476-2680101 / 2686721 |
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E-Mail : |
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Website : |
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Branches : |
Contonment South Beach Road, Quilon – 591 001, Kerala |
DIRECTORS
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Name : |
Mr. T Balakrishnan, IAS |
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Designation : |
Chairman |
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Address : |
Ram Nivas, Bhaktivilasam Road, Vazhuthachud, Trivandrum –
695014, Kerala, India |
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Date of Birth/Age : |
03.10.1951 |
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Date of Appointment : |
02.05.2005 |
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Name : |
Mr. P.H. Kurien, IAS |
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Designation : |
Director |
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Name : |
Ms. K. R. Nirmala Devi |
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Designation : |
Director |
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Address : |
TC – 10/1814-A, Soorya, Kavalloor Lane, Kanjirampara, Vattiyoorkavu
P. O., Thiruvananthpur – 695013, India |
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Date of Birth/Age : |
25.09.1952 |
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Date of Appointment : |
06.07.2006 |
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Name : |
Mr. Aswani Kumar Rai, IAS |
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Designation : |
Director |
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Name : |
Mr. N. R. Subrahmaniam |
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Designation : |
Managing Director |
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Address: |
TCC Execytuve Hostel, TCC Colony, Udyogamandal, Ernakulam,
Kerala-683501, Tamilnadu, India |
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Date of Birth : |
25.11.1951 |
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Date of Appointment: |
12.06.2006 |
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Email : |
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Fax No. : |
91-476-2680101 |
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Other Directorship : |
The
Travancore Cochin Chemicals Limited U24299KL1951SGC001237 |
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Name : |
Mr. Eappen Joseph |
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Designation : |
Director |
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Address : |
169 D, PTP Nagar, Trivandrum – 695038, Kerala, India |
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Name : |
Dr. Alok Sheel |
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Designation : |
Director |
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Address : |
B 1-L, Millenium Apartments, jagathy, Trivandrum – 695014,
Kerala, India |
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Name : |
Mr. Athappan Karuppaim Gandhi |
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Designation : |
Director |
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Address : |
Ushus, GG 15 A, 45 Vaduthala, Kochi – 682023, Kerala,
India |
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Date of Birth/Age : |
07.12.1948 |
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Date of Appointment : |
19.01.2007 |
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Name : |
Mr. Mohandas Palat |
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Designation : |
Chairman |
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Address : |
TC 16/1632 Cosmo
Lane, Opposite Cosmopolitan Hospital, Pattam PO Thiruvananthapuram – 695004,
Kerala, India |
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Date of Birth/Age : |
03.10.1945 |
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Date of Appointment : |
20.04.2005 |
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Name : |
Mr. Rajendran K P |
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Designation : |
Director |
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Address : |
Sabareekrishna, Vittila P O Kochi, Ernakulam – 682010,
Kerala, India |
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Date of Birth/Age : |
31.03.1950 |
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Date of Appointment : |
05.04.2002 |
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Tel N o. : |
91-476-2686722 |
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Fax No. : |
91-476-2680101 |
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Name : |
Mr. P Abdul Hameed |
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Designation : |
Director |
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Address : |
Puliyakkuth House, Pattikkao PO Malappuram, Kerala, India |
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Date of Birth/Age : |
15.03.1947 |
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Date of Appointment : |
22.15.2004 |
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Name : |
Mr. G. Padmakumari Amma |
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Designation : |
Director |
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Address : |
No. 46, Aswathy Gardens,
Ambalathara, Poonthura, Trivandrum, Kerala |
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Date of Birth/Age : |
15.04.1950 |
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Date of Appointment : |
06.08.2003 |
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Date of Ceasing |
28.02.2005 |
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Name : |
Mr. R Rajendran |
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Designation : |
Director |
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Address : |
Sreelakshmy, Cheruvickal, Thiruvananthpuram, Kerala, India
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Date of Birth/Age : |
20.01.1952 |
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Date of Appointment : |
22.11.2004 |
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Date of Ceasing : |
11.05.2005 |
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Name : |
Mr. K. P. Rajendran |
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Designation : |
Managing Director |
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Address : |
Sabareekrishna, Vyttila,
Kochi, Kerala |
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Date of Birth/Age : |
31.03.1950 |
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Name : |
Mt. Gyanesh Kumar |
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Designation : |
Director |
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Address : |
Govt. Quarters No. 3, Opp. Saraswathy Nilayam, Jawahar
Nagar, Thiruvananthapuram, Kerala, India |
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Date of Birth/Age : |
11.05.2005 |
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Date of Ceasing : |
03.10.2005 |
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Name : |
Mr. Sivanandan Pillai C. K. |
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Designation : |
Secretary |
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Address : |
Devi-Gandhi Mukkum,
Kottarakara, Kollam, Kerala |
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Date of Birth/Age : |
26.11.1947 |
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Date of Appointment : |
17.08.1996 |
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Name : |
Mr. Chembil Kakkittampara
Karunakaran |
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Designation : |
Directors |
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Address : |
50/1702, Vidhya Nagar,
Kadavanthra P.O. Kochi – 682020, Kerala, India |
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Date of Birth/Age : |
31.05.1955 |
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Date of Appointment : |
14.05.2007 |
KEY EXECUTIVES
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Name : |
Mr. George C J |
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Designation : |
Joint General Manager (O and P) |
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E-Mail : |
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Name : |
Mr. Jose Anto T |
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Designation : |
Deputy General Manager (F and S/Utility) |
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E-Mail : |
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Name : |
Mr. Abraham V. John |
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Designation : |
Asst. General Manager (Materials) |
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E-Mail : |
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Name : |
Mr. Jayakumar M C |
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Designation : |
Asst. General Manager (F and S) |
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E-Mail : |
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Name : |
Mr. Prasad K |
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Designation : |
Asst. General Manager (E) |
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E-Mail : |
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Name : |
Mr. Sashi G |
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Designation : |
General Manager (MS) |
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E-Mail : |
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Name : |
Mr. Sreekumar K P |
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Designation : |
Deputy General Manager(Maintenance) |
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E-Mail : |
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Name : |
Mr. Ajayakrishnan V |
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Designation : |
Deputy General Manager (PPCC and EDP) |
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E-Mail : |
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Name : |
Mr. Mathew K M |
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Designation : |
Asst. General Manager (MS) |
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E-Mail : |
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Name : |
Mr. Suresh Kumar S |
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Designation : |
Asst General Manager (Production) |
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E-Mail : |
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Name : |
Mr. Anil K |
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Designation : |
Asst. General Manager (PandA) |
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E-Mail : |
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Name : |
Mr. Abdulla Kutty K |
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Designation : |
General Manager (CPE) |
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E-Mail : |
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Name : |
Mr. Muraleedharan Nair V |
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Designation : |
Deputy General Manager (Proj. and Mktg) |
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E-Mail : |
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Name : |
Mr. Mothi George
S |
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Designation : |
Deputy General Manager (Finance) |
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E-Mail : |
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Name : |
Mr. Radhakrishna Moorthy G |
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Designation : |
Asst. General Manager (I) |
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E-Mail : |
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Name : |
Mr. Kuriakose Varghese |
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Designation : |
Asst.General Manager (TS) |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Governor of Kerala |
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3093262 |
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K P Rajendran |
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10 |
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Total |
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3093272 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage of
Holding |
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Government [central and State] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Titanium Dioxide, Ilmenite, Rutile and
Zircon. |
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Products : |
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Exports : |
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Products : |
Titanium Dioxide |
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Countries : |
China, Korea UK, Philippines, South Africa, Turkey,
Mauritius, Dubai and Sri Lanka |
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Imports : |
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Products : |
Tri Methylethane, Tri IsoProponolamine |
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Countries : |
USA |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Titanium Dioxide |
Tones |
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|
22000 |
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Ilmenite |
Tones |
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|
51600 |
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Rutile |
Tones |
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|
2400 |
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Zircon |
Tones |
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|
1500 |
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Leucoxene |
Tones |
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|
300 |
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Monozite |
Tones |
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|
240 |
GENERAL
INFORMATION
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No. of Employees : |
2,000 |
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Bankers : |
Ř Standard
Chartered Bank Ř
State Bank of India Ř
Central
Bank of India Ř Indian Overseas Bank Ř
State Bank of Travancore Ř Indusind Bank Limited, Kollam Branch,
Varinjamtowers, Residency Road, Kollam – 691013, Kerala, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
C B Joseph and Company Chartered Accountants |
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Address : |
Hospital Road, Kollam – 691001, Kerala, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 27.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs. 100/- each |
Rs. 350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,093,272 |
Equity Shares |
Rs. 100/- each |
Rs. 309.327
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
309.327 |
309.327 |
309.327 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4057.571 |
3970.046 |
3883.785 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4366.898 |
4279.373 |
4193.112 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
18.275 |
29.883 |
29.865 |
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TOTAL |
4385.173 |
4309.256 |
4222.977 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1174.684 |
1015.790 |
744.866 |
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Capital work-in-progress |
903.729 |
516.318 |
215.719 |
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INVESTMENT |
1.760 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1197.424
|
775.302
|
595.488 |
|
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Sundry Debtors |
145.340
|
261.257
|
92.126 |
|
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Cash & Bank Balances |
895.061
|
1609.035
|
2130.220 |
|
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Other Current Assets |
15.306
|
67.500
|
100.950 |
|
|
Loans & Advances |
1896.874
|
1897.596
|
2412.401 |
|
Total
Current Assets |
4150.005
|
4610.690
|
5331.185 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
589.547
|
657.763
|
418.387 |
|
|
Provisions |
1255.458
|
1177.542
|
1652.169 |
|
Total
Current Liabilities |
1845.005
|
1835.305
|
2070.556 |
|
|
Net Current Assets |
2305.000
|
2775.385
|
3260.629 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
1.753 |
1.753 |
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TOTAL |
4385.173 |
4309.256 |
4222.977 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
2896.707 |
2855.426 |
|
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Other Income |
|
150.548 |
232..140 |
|
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Total Income |
|
3047.255 |
3087.566 |
|
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|
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|
Profit/(Loss) Before Tax |
|
76.481 |
384.295 |
|
|
Provision for Taxation |
|
65.818 |
143.217 |
|
|
Profit/(Loss) After Tax |
|
10.663 |
241.078 |
|
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Expenditures : |
|
|
|
|
|
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Raw Material Consumed |
|
706.329 |
542.617 |
|
|
Consumption of stores and spares parts |
|
455.360 |
350.544 |
|
|
Increase/(Decrease) in Finished Goods |
|
0.000 |
167.001 |
|
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Salaries, Wages, Bonus, etc. |
|
616.578 |
574.246 |
|
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Interest |
|
7.338 |
17.414 |
|
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Power & Fuel |
|
965.397 |
839.883 |
|
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Depreciation & Amortization |
|
73.863 |
64.884 |
|
|
Other Expenditure |
|
145.909 |
146.682 |
|
Total Expenditure |
|
2970.774 |
2703.271 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
0.35
|
7.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.64
|
13.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.36
|
6.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.02
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.43
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.25
|
2.51
|
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The history of the beaches of Sankarmangalam and nearby areas is inextricably
intertwined with the history of the precious beaches and KMML. Precious, as was
discovered in 1909 by the German scientist Dr. Schomberg who found traces of
monazite in the sand flakes on the imported coir from Sankaramangalam. The
beaches with a wealth of rare earth minerals became the centre of scientific
attraction.
By 1932, a visionary private entrepreneur established the F. X. Perira and Sons
(Travancore) Private Limited, the forerunner to KMML. During the course of
time, KMML changed hands three times over. In 1956 it was taken over by the
state government and was placed under the control of the industries department.
The unit was subsequently converted as a limited company in 1972 by the name of
‘The Kerala Minerals and Metals Limited’ with the following broad
objectives.
- Optimum
utilisation of mineral wealth found along the sea cost of Kollam-Alappuzha
Districts.
- Large scale
generation of employment in the sate in general.
- Overall
growth and development of the local area in particular and the state in
general.
The construction of Titanium Dioxide Pigment using chloride
technology started in 1979. The same was commissioned in 1984 as the first and
only integrated Titanium Dioxide Plant in the world.
Today, with over 2000 employees and a range of products, KMML has become
part and parcel of local and international life.
BUSINESS
The company was incorporated to carry on the business of
mining minerals and metals to purchase and take over existing business. To
carry on research, explore, develop and finance production of minerals and
metals.
It is
in trade terms with:-
- Quality
Engineering Products
- Cheritol
Engineering Pet Limited
- Quality
Chemicals
Fixed Assets
- Land
- Building
- Railway
Siding
- Light Railway
- Plant and
Machinery
- Furniture and
Fixture
- Electrical
Fittings
- Office
Equipments
- Vehicles
- Library
- Laboratory
Equipments
- Canteen
Utensils
- Hospital
Equipments
- Water Supply
- Telephone
- Roads and
Bridges
Bankers Charges
Report as per Registry
|
Name of the company |
THE KERALA MINERALS AND METALS LIMITED |
|
Presented By |
THE KERALA MINERALS AND METALS LIMITED |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Machinery dated 01.02.2006 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1250.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All Plant and
Machinery imported |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First
hypothecation charge for the Letter of credit facility extended by the
bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank 19 Rajaji Salai,
Chennai – 600001 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Corporate
identity number of the company |
U14109KL1972SGC002399 |
|
Name of the
company |
THE KERALA MINERALS AND METALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Titanium Dioxide, Pigmant
Plant, Sankaramangalam, Chavara P. O. - 691 583, Kerala, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation
|
|
Particular of
charge holder |
Indusind Bank
Limited Kollam Branch,
Varinjamtowers, Residency Road, Kollam – 691013, Kerala, India |
|
Nature of
instrument creating charge |
Agreement for
irrevocable documentary letter of credit |
|
Date of
instrument Creating the charge |
25.03.2006 |
|
Amount secured by
the charge |
Rs. 550.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
The title and
ownership of all goods shipped under or in connection with the said credit or
in any way relating thereto, whether or not released and all bills of
leading, policies or certificates of insurance or other documents given
thereto shall remain with the bank as security and all the funds / credit
instruments, property and securities including all collection items and
proceeds thereof now or hereafter handed to the bank or for any purpose left
in the banks possession |
|
Description of
the property charged indicating whether it is a charged on |
|
|
Particulars of
the property charged |
In the company’s
premises |
|
Corporate identity
number of the company |
U14109KL1972SGC002399 |
|
Name of the
company |
THE KERALA MINERALS AND METALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Titanium Dioxide, Pigmant Plant, Sankaramangalam, Chavara
P. O. - 691 583,Kerala, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
INDUSIND Bank
Limited, Kolla, Branch, Varinjam Towers, Residency Road, Kollam-691013, Kerala,
India |
|
Nature of
instrument creating charge |
Agreement For
Irrevocable Documentary Letter of Credit ( Inland / Foreign) |
|
Date of
instrument Creating the charge |
25.03.2006 |
|
Amount secured by
the charge |
Rs. 550.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
The Title and
ownership of all goods shipped under or in connection with the said credit or
in any way relating thereto, whether or not released and all bills of lading,
policies or certificates of insurance or other documents given therto, shall
remain with the bank as security and all the funds/ credit instruments,
property and securities including all collection items ad proceeds thereof
now or hereafter handed to the bank or for any purpose left in the banks
possession. |
|
Particulars of
the property charged |
In the Company’s
Premises |
AS PER WEBSITE
PROFILE
Eco-friendly and socially committed, it is the only integrated Titanium Dioxide
facility having mining, mineral separation, synthetic rutile and
pigment-production plants. Apart from producing rutile grade Titanium Dioxide
pigment for various types of industries, it also produces other products like
Ilmenite, Rutile, Zircon, Sillimenite, Synthetic rutile etc.
Manufacturing Titanium Dioxide through the chloride route, KMML produces very
pure rutile grade Titanium dioxide pigment. The different grades churned out by
KMML under brand name KEMOX has a ready market which asks for more. The
commendable work in research by the R and D department has also helped KMML to
add more colours to its portfolio.
With continued growth and demand in the economy and industry, the products of
KMML are being lapped up by the eager market. This has in turn set the wheels
turning for KMML’s expansion.
KMML has always been responsive to social and environmental causes. Some of the
initiatives taken by KMML have made a significant change to the area and its
people.
Subject
is the world’s first fully integrated Titanium Dioxide plant. Since its
inception, KMML has made an indelible mark in the fields of mining, mineral
processing and manufacturing. With the state of art factories at
Sangaramangalam and Kovilthottam, KMML has won national acclaim for its
impressive performance. KMML is the India’s first and only manufacturer of
Rutile Grade Titanium dioxide by chloride route. The products are marketed
under the brand name KEMOX. KEMOX RC 822 is a multiple application pigment,
which is in great demand in the world market. KMML also produces other grades
of Titanium Dioxide pigments like RC 800 PG, RC 800, RC 802, RC 813, RC 822 and
RC 808. The product range include Titanium Tetra Chloride, Ilmenite, Rutile,
Leucoxene and Sillimanite from the basic raw materials for the variety of
industrial uses. Minerals like Zircon and Monazite are used in the development
of Nuclear Technology. KMML also manufactures Iron oxide bricks used for
building purpose. The production of these bricks from waste Iron oxide is an
in-house development.
Close access to one of the worlds’ richest beaches helps KMML retain its
leadership. KMML’s Titanium pigments are reputed for their high degree of
gloss, tint retention capacities and ease of dispersion. These qualities give
KMML a formidable identity in the industry KMML is certified ISO 9002 in the
year 2000 for implementing world class quality standards.
KMML to be a world class
producer of mineral sand based value added products.
The Team
Shri .T
BALAKRISHNAN, IAS
CHAIRMAN
Principal Secretary to Government,
Industries Department,
Government of Kerala, Thiruvananthapuram
Shri P.H. KURIEN, IAS
DIRECTOR
Managing Director, Travancore Titanium
Products Limited, Kochuvali,
Thiruvananathapuram
Smt. K.R.Nirmala Devi,
DIRECTOR
Additional Secretary-I, Industries
Department, Govt. of Kerala, Thiruvananathapuram.
Shri. Aswani Kumar Rai, IAS
DIRECTOR
Additional Secretary, Finanace(Expenditure), Finanace Department,
Govt. of Kerala,
Thiruvananathapuram.
Shri N.R.Subrahmaniam
Managing Director
KMML, Chavara.P.O, Kollam.
PRODUCTS
Subject always maintains high
standards of perfection. Achieving technical excellence in every phase of
production. Catering to strict guidelines, KMML offers a wide range of products
for quality conscious customers. The products go into the manufacture of a
variety of products used in every day life. Dress materials, facial creams,
tablets, newsprints, wood paints, emulsions, enamels, plastics, tooth paste,
rubber products, cosmetics, and printing ink – All contain titanium dioxide.
Belive it, you need the products to brighten the life.
Titanium
Dioxide Pigment (Rutile) : Paints, Printing inks, Plastic,
Paper, Rubber Textiles, Ceramics
Titanium Tetra Chloride : Rutile grade Titanium Dioxide
Pigment, Titanium Sponge / Metal, Titanium salts, Butyl
Titanate, Titanium Oxychlorides.
Ilmenite : Synthetic Rutile, Welding Electrodes,
Titanium Tetra Chloride, Titanium Dioxide Pigment, Ferro Titanium
Alloys, Titanium Salt.
Rutile : Welding Electrodes, Titanium Dioxide
Pigment Titanium Components, Titanium Tetrachloride, Titanium
Metal/Sponge.
Leucoxene : Welding Electrodes, Titanium
Tetrachloride Titanium Dioxide Pigment, Titanium
Components.
Zircon : Ceramics, Zirconium, Chemical, Foundaries,
Zirconium Metals, Refractories, Nuclear Technology.
Sillimanite : High temperature refractory, Ceramic
industry
Monazite : Rare Earth Industry, Nuclear Technology.
Iron Oxide Bricks : As building material.
PRESS RELEASE
Move
to merge TTPL, Kerala Minerals
G.K.
Nair
The new complex will be developed
in such a way that it will be able to meet the demand of value-added titanium products
such as titanium metal and sponge.
Kochi
, Jan. 16
The Kerala Government has decided to integrate its two
titanium units into one aimed at creating a world-class complex manufacturing
value-added products.
Final decision on whether to merge Travancore Titanium
Products Limited (TTPL) and Kerala Minerals and Metals Limited (KMML) and make
it a holding company would be taken soon, the State Industries Minister, Mr
Elamaram Kareem, told Business Line.
"It is going to be a long-term project and hence its
size, modality etc would be discussed by a national panel of experts," he
said.
The panel would be constituted this month and its first
meeting is likely to be held next month.
NEW
COMPLEX
The new complex will be developed in such a way that it will
be able to meet the demand of value-added titanium products such as titanium
metal and sponge required by the Defence Ministry, Anomic Energy Department and
ISRO. These products could also find better markets overseas, he said.
Mr Kareem said value-addition needed new technology and some
of the defence research laboratories have agreed to offer the required
technology.
Expansion
project
On shelving of KMML's expansion programme at
Shangaramangalam in Kollam district, probably the world's first fully
integrated titanium dioxide plant, the Minister said that there had been
allegations from several trade unions about the functioning of the company in
recent years and hence the work on all the expansion projects have been
stopped.
He said a sub-committee had been constituted by the KMML
director board to look into the allegations. The Government will initiate
action only after studying the review report by the board.
According to him, the Government had sanctioned only Rs 7560.000
Millions for capacity expansion and other related projects and as against this
the total cost of the projects has crossed Rs 12000.000 Millions. Contracts
were issued without approval and LCs (letters of credit) were opened. Financial
closure of the projects was also not concluded, Mr Kareem alleged.
Kerala
Minerals could become a world-class producer of mineral sand
based value-added products besides becoming a nodal agency for promoting and
establishing mineral based industries in the State to ensure value-addition and
effective and controlled exploitation of mineral reserves.
pact
WITH ISRO
As part of efforts to indigenously produce materials for its
space programme, ISRO's Vikram Sarabhai Space Centre, Thiruvananthapuram, has
signed a memorandum of understanding with KMML for establishing a 500 tonnes
per annum titanium sponge
plant, using the technology from the Defence Metallurgical
Research Laboratory, Hyderabad.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime
:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.40 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|